Are you looking to sell a house with tenants in Hamilton, Ontario? This can be a much tougher process than a typical sale. Below, we shed some light on what you should expect and offer some guidance.
Do you own an investment property in Hamilton that isn’t making you any money? Perhaps you are exhausted due to constant tenant turnover. Maybe your tenants are frustrating to deal with. Tenants who are disrespectful to you or your property can be a handful, especially if you’re not in a position to deal with the eviction process.
There are various reasons that a homeowner may want to sell a house with tenants. Of course, your tenants won’t always be on board with this. In order to convince your tenants, you’ll need to keep them informed about the situation, and make a sale worthwhile for them too.
Offer an Incentive
If you list your house with a Hamilton real estate agent, you will want the full cooperation of your tenant to make the process smoother. By offering an incentive, you can avoid any resentment your tenant may be harbouring for selling the house out from under them. This way, the tenant will be more cooperative during the sale process.
Consider offering to help your tenant with moving costs, first month’s rent somewhere else, or a discount on their current rent payment. This is a small price to pay for peace of mind. If you treat your tenant right, they will be much more helpful during the sale. You can also offer to help them find a new rental and provide an excellent reference. For tenants, cleaning up and leaving the house for multiple showings can be a lot to deal with. Ensure you compensate your tenants accordingly to make a successful sale more likely.
You can also hire a professional cleaning service so that you don’t have to rely on your tenants for this. Another idea is to offer tenants movie tickets or restaurant gift cards so they have something to do during showings.
Wait Until the Lease is Up
If you’re a landlord who wants to sell your house traditionally with a Hamilton realtor, it might be in your best interest to wait until the lease is up. Having to coordinate repair work and keeping the house clean for showings can be a lot for tenants to deal with. In some cases, landlords face backlash and disruption from tenants. If possible, it’s often a better situation for all parties to wait until the lease is up.
Terminate the Lease
If your tenant has violated the lease in any way, you can invoke an early termination clause in the lease. Perhaps you have a problem tenant who has been consistently late on rent payments or been a documented nuisance to the neighbourhood. In these scenarios, you may be able to end the lease sooner than planned. When first drafting your rental agreement, make sure to specify the exact conditions that will merit early termination.
Ask if your Tenant Wants to Buy
When looking to sell your house with tenants in Hamilton, consider letting them know about it first. This is convenient for both parties as you already know each other, and there’s no moving involved. If your tenants are happy to live there and in a position to do so, they may want to buy the house themselves. If financing is an issue and you don’t need the full amount for the property immediately, owner financing could be an option (until the tenant can qualify for a traditional loan).
Sell your House Directly
If you want to sell your house with tenants in Hamilton, the easiest and most efficient way is to choose a direct sale to HomeSource Canada. We will buy your house directly for cash, whether you have tenants or not. Our process ensures you can get rid of your unwanted investment as quickly as possible while still receiving a fair price for the home. Don’t worry about dealing with repairs, cleaning and showings while appeasing your tenants. In most cases, when you sell your house directly to HomeSource Canada, the lease will stay in place and your tenant will go undisturbed.
We can help you sell your house with tenants in Hamilton!
Get the process started by following the link below or give us a call today at (905) 521-8000 to speak with our specialists.